All Forum Posts by: Steve Wilson

For me, the bidding was a run-around, but, that was it.   After I finally met the reserve (and actually "won" the auction).  The rest (closing process) was as easier than falling down. 

Best I can tell?  If you understand that they don't really care if it's a house, a pile of rubble, or a gold mine.  And, you follow their instructions in the time frame allotted?  You won't have any trouble.
But, if you need some assurance or warranty or even info.. that pipes are not frozen, electricity, roof doesn't leak, etc?   You're in for a mess.  They just don't know and just don't care.

As for how the auction process works?  A person bids or offers $100k and gets turned down. Only to see the house back up for sale at $85k.  Then offer $75k and get turned down, only to see the house back up for sale at $70k?
I think the realtor is getting a monthly/weekly fee to maintain the property.  They are probably working a system to where they make the most they can maintaining it.  And, given a time when the house MUST be sold.   When that time rolls around, they dump the house and accept whatever offer there is.
(realtor is making more money maintaining the house than the commission on the sale).  Yet, they really aren't maintaining it much at all.  

The house I bought was in AR.  The realtor responsible had 30 or so "hubzu" properties in the same area, but, she was in GA.  The company that was in charge of cleaning it up and taking the pictures was out of TX.  The people that actually cleaned the house and took the pictures was local, hired by the company in TX.
There's a bunch of floating around. When all that is used up, the house MUST be sold or somebody isn't doing their job.  When that time comes, these properties are dumped right then.
At least that's what I think, based on seeing the same thing before for a different commodity.

This website/forums would pop up every time I did a Google search.  Trying to do my homework on Hubzu prior to bidding on a house.
It was lots of help.

I'm now a new member because I though it a good idea to share my experience with the above mentioned site.

Been meaning to tell this story for awhile.  Mostly due to all the bad reviews/opinions out there about Hubzu. 
I think I read all of them.  Hubzu was the only way I was going to be able to buy this particular little turd of a house.  The property adjoined mine, the house wasn't worth gas and a match, but it was several acres, and I wanted it.
I attempted, several times, to contact the realtor in charge of selling this house. Never an answer.
I was high bid every week (reserve not met).  The following week, the auction would be started cheaper, and my high bid would be cheaper.  Couple of times, the listing would just "end early" and be gone.  I figured somebody else must have known how to buy it direct, and that it was just sold. BUT, a few weeks later the auction would start up again.
FINALLY,  the auction ended and my bid had met the reserve.  (price was less than half of my initial winning bid).
Again, I've probably read EVERY review/comment out there about Hubzu.  AND, the one thing I NEVER saw, was "they stole my money".  So, with that in mind, I decided to do it their way.  
I planned on doing exactly what was asked, in the time frame it was asked, follow their instructions to the letter, and just see for myself why everybody hates them.

Thick, hard to understand, foreign accents?  I have no idea.  Every e-mail I received was from a person who's name I couldn't pronounce.  Never had to though. Never talked to anybody.  I simply read the email and followed the instructions.  If there was a question, I asked in an e-mail and was answered within 24 hrs.  (Usually, had I simply waited an hour, my question would have been answered in their next e-mail anyway).  BUT, when I asked, they replied.
My realtor seemed more confused/concerned than I was.  He found it hard to believe that I did certain things, instead of me asking him to do it.  I told him, I was just following the instructions in the latest e-mail, nothing more....wasn't rocket science or anything).

I chose their closing company.  Just assumed it would be easier/faster, and since I found no evidence of Hubzu being a scam, Why not?
This turned out same as everything else.  I get an e-mail, follow the instructions, and that's all there was to it.
This was a cash deal.
I won the auction on 11th.  Started the process on the 12th.  Finished on the 25th.
Never spoke to anybody on the phone.  Was never a need to.

I knew the house was crap before I bid.  Best I could tell, they knew it as well, but, didn't know any specifics as to why......and just didn't care.  Why would they?

I bought exactly what I expected and aside from the strung out "auction process", I had no trouble doing so.

I'd do it again.